Bone Wax Market - Snapshot
The global bone wax market is growing at a slow rate due to increasing penetration of substitute products, such as, bone hemostatic agents in the market. Nevertheless, factors such as increasing number of surgical procedures and rising prevalence of orthopedic disorders are driving the growth of global bone wax market. The global bone wax market was valued at US$ 68.8 Mn in 2017 and is projected to witness a compound annual growth rate (CAGR) of more than 2.3% from 2018 to 2026, to surpass the value of US$ 84.2 Mn by 2026.
Bone wax is a sterile mixture of beeswax that includes a wax-softening agent, such as isopropyl palmitate, used to stop bleeding from bone surfaces. Bone wax is used for mechanical hemostasis in bones during surgical procedures, such as orthopedics, thoracic surgery, neurosurgery, dental, traumatology, and oral and jaw surgery. Increase in number of surgical procedures is a major factor boosting the demand for the bone wax products. The number of surgical procedures has been rising since the past few years. Various factors responsible for the rise in the orthopedic surgical procedures are rise in cases of orthopedic diseases and accidental fracture cases. In addition, increasing use of absorbable bone wax products is another trending factor augmenting the growth of the bone wax market. Synthetic bone wax is made of water soluble polymers which reduce the associated complications. Furthermore, synthetic products look and feel like traditional bone wax products. Both synthetic and traditional bone wax are used as carriers for anti-inflammatory drugs used to reduce inflammation at the surgery site. These factors are expected to increase the adoption of bone wax products as compared to other bone hemostatic agents.
The bone wax market has been segmented broadly on the basis of different product types, such as, absorbable bone wax and non-absorbable bone wax. The bone wax market has been further categorized into material type synthetic bone wax and natural bone wax. In terms of application, the bone wax market has been divided into neurosurgery, thoracic surgery, orthopedic surgery, dental/oral surgery, and others. The bone wax end-user segment includes specialty clinics, hospitals, and ambulatory surgical centers. The hospitals segment is the major contributor of the global bone wax market. The segment is driven by increasing incidence of orthopedic disorders, especially among the geriatric population. The hospitals segment is followed by the ambulatory surgical centers and specialty clinics segments. Ambulatory surgical centers are highly popular in North America and Western Europe. Furthermore, these forms of health care providers are gaining popularity in the emerging economies as well.
In terms of application, the orthopedic surgery segment held the leading share of the global bone wax market. Orthopedic surgery deals with conditions involving the skeletal system and associated joints, muscles, and ligaments. Orthopedic surgery is performed to treat musculoskeletal trauma, tumors, degenerative diseases, congenital disorders, infections, and sports injuries. Bone wax offers hemostatic character to block the bleeding of the bone. Increase in the prevalence of orthopedic diseases and accidents drives the growth of the orthopedic surgery segment.
The orthopedic surgery segment is followed by neurosurgery, thoracic surgery, and dental/oral surgery segments. Neurological surgery or neurosurgery is a medical specialty concerned with the surgical treatment and rehabilitation of disorders that affect the nervous system, including the peripheral nerves, spinal cord, brain, and cerebrovascular system. Thoracic surgery (also known as cardiothoracic surgery) is a field of medicine that is involved in the surgical treatment of organs inside the chest (the thorax). It includes treatment of conditions related to the lungs and the heart.
By geography, the global bone wax market has been classified into five major regions: North America, Europe, Asia, Latin America, and Middle East & Africa. North America and Europe constituted the dominant share of the global bone wax market, followed by Asia Pacific, Latin America, and Middle East & Africa. The U.S. dominated the bone wax market in North America, which can be ascribed to factors such as awareness among people and high price of products. Furthermore, the bone wax market in the country is driven by increase in adoption of newly introduced bone wax products and favorable insurance plans covering costly surgical procedure treatment. Europe is the second major market for bone wax. Germany is a major contributor to the bone wax market in Europe. The bone wax market in the Asia Pacific is growing rapidly, driven primarily by the developing countries such as India and China. Increasing awareness about surgical procedures and expenditure on health care drives the bone wax market in Asia Pacific. However, low penetration of health care facilities and lack of availability for bone wax products have become a restraining factor for the bone wax market in developing and undeveloped regions, such as, Latin America and Middle East & Africa.
Key players operating in the bone wax market are ABYRX, INC., Ethicon, Inc. (Johnson & Johnson), B. Braun Melsungen AG, Covidien plc. (Medtronic plc.), Baxter International, Medline Industries, Inc., Futura Surgicare Pvt Ltd., GPC Medical Ltd., WNDM Medical Inc., Surgical Specialties Corporation, and Bentley Healthcare Pvt. Ltd.
Bone Wax Market - Overview
This report on bone wax market studies the current as well as future prospects of the global market. The stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, and new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This report also provides overall information and data analysis of the global bone wax market regarding leading market segments based on product type, material type, application, end-user, and geographies. Based on product type, the bone wax market has been segmented into: absorbable bone wax and non-absorbable bone wax. In terms of material, the bone wax market has been classified into natural bone wax and synthetic bone wax. Based on application, the bone wax market has been segmented into neurosurgery, orthopedic surgery, thoracic surgery, dental/oral surgery, and others. In terms of end-user, the market is divided into hospitals, specialty clinics, and ambulatory surgical centers.
Each market segments has been extensively analyzed based on market-related factors such as number of surgical procedures of neurosurgery, orthopedic surgery, thoracic surgery, dental/oral surgery, and others. Moreover, historical year-on-year growth has been taken into consideration while estimating the market size. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2016 to 2026. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2018 to 2026, considering 2017 as the base year.
The market overview section of the report explores market dynamics such as drivers, restraints, and opportunities that currently have an impact and influence the bone wax market in the near future. Attractiveness analysis has been provided in the market overview section to explain the intensity of competition in the market across different geographies. The competitive scenario among different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors are likely to help market players take strategic decisions to strengthen their positions and increase shares in the global bone wax market.
The bone wax market has been segmented into five key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and forecast for each of these regions has been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year.
The report also provides market size and forecast for major countries in their respective regions. A detailed qualitative analysis of factors driving and restraining the market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis, Porter’s five forces analysis, and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global bone wax market.
Key players operating in the bone wax market include ABYRX, INC., Ethicon, Inc. (Johnson & Johnson), B. Braun Melsungen AG, Covidien plc. (Medtronic plc.), Baxter International, Medline Industries, Inc., Futura Surgicare Pvt Ltd., GPC Medical Ltd., WNDM Medical Inc., Surgical Specialties Corporation, and Bentley Healthcare Pvt. Ltd.
The global bone wax market is segmented as follows:
Global Bone Wax Market, by Product
- Absorbable Bone Wax
- Non-absorbable Bone Wax
Global Bone Wax Market, by Material
- Natural Bone Wax
- Synthetic Bone Wax
Global Bone Wax Market, by Application
- Orthopedic Surgery
- Thoracic Surgery
- Dental/Oral Surgery
Global Bone Wax Market, by End-user
- Specialty Clinics
- Ambulatory Surgical Centers
Global Bone Wax Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa